Domo, Inc. Explained

Domo, Inc.
Type:Public
Traded As:NASDAQ: (Class B)
Russell 2000 Index component
Industry:Computer Software
Founder:Josh James
Location City:American Fork, Utah
Location Country:US
Area Served:Worldwide
Key People:John Mellor (CEO & board member)
Revenue:$258.0 Million[1]
Revenue Year:2022
Num Employees:824[2]

Domo, Inc. is an American cloud software company based in American Fork, Utah, United States. It specializes in business intelligence tools and data visualization.[3]

History

Domo, Inc. was founded in 2010 by Josh James[4] [5] [6] After leaving Adobe, on October 2010, James started Shacho, Inc.[7] In December 2010, Shacho purchased Lindon-based Corda Technologies.[8] James changed Shacho's name to Domo.[9]

In March 2021, Domo was named on the Women Tech Council (WTC) 2020 Shatter List for the fourth consecutive year for hiring and retaining women in IT careers.[10]

Investors

Initial investors in Domo include Benchmark Capital, Andreessen Horowitz, Ron Conway and David Lee of SV Angel, Hummer Winblad, salesforce.com’s Marc Benioff, and Fraser Bullock of Sorenson Capital.[4] [11] [12] In 2011, $20 million came from Silicon Valley-based Institutional Venture Partners, which also invested in Josh James’ previous start-up, Omniture.[4] [11] In 2013, the company announced a Series B investment of $60 million from GGV Capital, Greylock, Bezos Expeditions, and Co-CEOs of Workday, Aneel Bhusri and Dave Duffield.[13]

In February 2014, Domo announced Series C funding of an additional $125 million from multiple investors including TPG Growth, T. Rowe Price, and Viking Global Investors. Existing investors GGV Capital, Greylock Partners, IVP, and Mercato Partners also participated.[14]

In April 2015, Domo, Inc. raised another $200 million in Series D financing with a $2 billion valuation. The round was led by BlackRock and Glynn Capital Management, Capital Group and GGV.[15] In March 2016, the company closed a Series D investment round of $131 million with its existing investors and new investors, including Credit Suisse and Capital Advisors.[16]

On April 27, 2017, Domo raised $200 million in Series D funding led by Blackrock, with participation from Capital Group, Glynn Capital Management, and GGV Capital.[17] Domo, Inc. was listed on the NASDAQ Global Exchange on June 29, 2018, with an initial offering of 9,200,000 shares at $21.00 per share.[18]

Overview

Domo, Inc is a cloud-based platform designed to provide real-time access to business data for decision makers across the company with minimal IT involvement.[19] [20] [11] [21] [22] It is a Software-as-a-Service (SaaS) venture.[4] [19]

Notes and References

  1. Web site: March 1, 2022 . Domo Announces Fourth Quarter and Fiscal 2022 Financial Results . 2024-05-22 . domo.com.
  2. Web site: Domo (DOMO). Forbes.
  3. News: Top 7 Hottest Tech Companies in Utah. Mountain. Dev. KUTV. 2018-06-20. en-US.
  4. Web site: September 6, 2012. U.S. Markets closed. Yahoo Finance. dead. https://web.archive.org/web/20120804170308/http://finance.yahoo.com/news/domo-approach-business-intelligence-makes-110000984.html. 2012-08-04.
  5. News: On Utah's 'Silicon Slopes,' Tech Jobs Get A Lift. NPR. March 12, 2012. 2012-09-06.
  6. Web site: June 23, 2012. Domo's Josh James: We're Making Every Employee Embrace Social Media, And It's Paying Off. TechCrunch. 2012-09-06.
  7. News: Ferguson, Joey. Omniture founder Josh James launches Domo, Inc. business intelligence with $43 million. Deseret News. 2012-09-06. 2012-09-05. https://web.archive.org/web/20120905195527/http://www.deseretnews.com/article/700151469/Omniture-founder-Josh-James-launches-Domo-business-intelligence-with-43-million.html. dead.
  8. Web site: Shacho Gets $10M, Buys Corda - silicontap.com. www.techrockies.com. 2018-08-17.
  9. News: Omniture founder obtains $33 mln for start-up. Reuters. July 14, 2011. 2012-09-06.
  10. Women Tech Council Culminates Celebration of International Women's Day by Unveiling 2021 Shatter List. 12 March 2021.
  11. News: Business intelligence startup Domo pulls in another $20M. VentureBeat. 2012-09-06.
  12. Web site: Series A Whopper: Benchmark Invests $33M in New BI Company Domo. TechCrunch. July 13, 2011. 2012-09-06.
  13. Web site: Exclusive: Omniture co-founders, business intelligence, SAAS company domo raises $60m. March 11, 2013. TechCrunch.
  14. Web site: Josh James's Domo, Inc raises $125 million from TPG, others. Reuters. February 5, 2014. 2014-02-06.
  15. Web site: Wall Street Journal Blogs. Domo valued at $2 billion in latest funding, prepares for IPO. April 8, 2015.
  16. News: Domo Raises $131 Million, Creates Fund for App Developers. Chapman. Lizette. 2016-03-22. Bloomberg.com. Bloomberg. 2016-12-14.
  17. News: Domo Raises Funding From BlackRock With IPO Plans on Hold. 2017-04-27. Bloomberg.com. 2017-04-28.
  18. Web site: DOMO, INC. (DOMO) IPO. NASDAQ.com. en-us. 2018-06-29.
  19. Web site: Omniture Co-Founder Launches New Business Intelligence Venture. Enterprise Apps Today. July 14, 2011. 2012-09-06.
  20. Web site: What We Do :: Overview. DOMO. 2012-09-06.
  21. News: Utah's Josh James among 192 Young Global Leaders. The Salt Lake Tribune. 2012-09-06.
  22. News: Hardy. Quentin. The Big Business of 'Big Data'. The New York Times Blogs. October 24, 2011. 2012-09-06.